Dawn is just around the corner, and the market's panic sentiment has reached its low point. This is not the usual behavior of a bull run ending; a bull run ends when market sentiment peaks and persists for a long time, with retail investors continuously entering the market. Now, after a long period of low sentiment, this is not a favorable time for market makers to dump, and retail investor sentiment has been completely exhausted.

We are currently in a position where OGs start to dump based on past experience, selling 400,000 bitcoins in October, and retail investors are also following the market sentiment to sell. However, the big whales increased their holdings by 150,000 bitcoins in October, and the remaining bitcoins were exchanged into the hands of those willing to buy at high prices. This group excludes retail investors, as the market has at least absorbed 250,000 more bitcoins than the whales and institutions, with an average price around $109,500.

The part of the market that absorbs 250,000 BTC includes: government agencies that are unwilling to disclose their identities, exchange platforms that use unlimited USDT to exchange for limited BTC or fill the gap of BTC overselling, various project parties dumping their massive cost-free tokens in exchange for limited BTC, and top traders who buy against the market sentiment index.

Don't worry about the rest, the massive short positions of 20 billion USD above will eventually be harvested. The conspiracy theory suggests that the short positions above are from the market maker, but I can clearly tell everyone that historically, whenever one side accumulates a massive amount of orders, they will be cut. Does that mean every market maker gets cut every time? So when you say the short positions above are from the market maker, it indicates that you don't really understand that this "market maker" doesn't need to open orders to profit. Instead, they can sell unlimited Bitcoin to crash all buy orders, thereby harvesting the longs. They can use unlimited USDT to buy out all sell orders, driving the price infinitely high to liquidate all shorts. This role is the exchange.

This is the main reason why decentralized exchanges are developing faster and faster.